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Selling Pressure Increases as Nifty and Bank Nifty Slide Further

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Today Nifty and Bank Nifty Nifty and Bank Nifty opened with a mild gap up. But within a few minutes, bears pulled both the Indices lower. And by the end of the session, Nifty fell below 16900, and Bank Nifty below 35800.

Bears are in control below 17060-17100 zone and can take Nifty towards lower levels.

Tomorrow if Nifty breaks and sustains below the 16880-860 zone. Then, it can fall further towards 16800/16700 levels. On the upside, 16940 & 17060 will act as the resistance

Bank Nifty bears are also in control below 35950-36100 zone. 

If the Bank Index breaks and sustains below the 35650, it can fall more. On the upside, 36100 will act as the resistance.

Nifty Intraday Gann Levels

Nifty bulls need to break & sustain above 16940 to move towards 16980/17030/17090/17160.

On the lower side, the Gann support level is 16860; below that Index can move towards 16820/16770/16710/16640.

Bank Nifty Intraday Levels

Bank Nifty bulls need to break & sustain above 36600 to move towards 36750/36950/37200.

On the lower side, the Gann support level is 36300; below that Bank Nifty Index can move towards 36150/35950/35700.

Note: The above levels are for educational purposes only, not Buy/Sell advice.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.